No Such Ventures invests in Amsterdam-headquartered startup Trustoo.
Trustoo is a marketplace connecting clients looking for any type of professional services - from lawyers to painters - to any service provider located in their surroundings.
Amsterdam, September 29, 2021: Today, venture investor No Such Ventures has taken a minority stake in the online platform for local service providers, Trustoo. With this investment, the Amsterdam-based scale-up aims to strengthen its position in the Netherlands and Belgium and expand to other European countries in the near future.
Through Trustoo, Dutch and Belgian consumers connect with local entrepreneurs. Currently, more than 43,000 businesses from various industries are active on the platform, generating over 360,000 requests. "Trustoo makes SMBs visible online to (new) customers," says Reinder Lubbers, Partner at No Such Ventures. "It brings demand and supply together, prioritizing customer experience and transparency. As a result, Trustoo has gained significant traction in the Netherlands and Belgium. Moreover, the management's expertise in this market and Trustoo's product and customer experience being ahead of the rest of Europe instills our confidence in further international growth."
Online Yellow Pages 2.0 Trustoo's revenue has quintupled in the past year amid the pandemic. Founders Lars Freriks and Pieter Westerhuis aim to sustain this growth trajectory in the coming years, ultimately reaching an annual revenue of 120 million euros. Freriks states, "We notice that many local SMBs increasingly struggle with their online visibility. Instead of expensive SEO and SEA campaigns, we offer them a dedicated spot on our platform. Think of us as an online Yellow Pages, but the 2.0 version, with more information and possibilities." Co-founder Pieter Westerhuis adds, "Both in the Netherlands and the rest of Europe, there is ample room for further expansion. To take the next step, we needed a reliable investor. No Such Ventures' open, personal, and no-nonsense approach immediately appealed to us. They are entrepreneurial, and their network of investors provides a wealth of experience. We are convinced that we have found the right partner for Trustoo's next growth phase."
About Trustoo Trustoo connects local businesses with new customers. The platform provides an organized online overview of characteristics, reviews, and contact information of over 43,000 local companies, ranging from plumbers and mediators to divorce attorneys. Founded in 2019 by Lars Freriks and Pieter Westerhuis, the Amsterdam-based scale-up currently employs over 30 staff members. For more information: www.trustoo.nl
About No Such Ventures
No Such Ventures is a fast-growing pioneer in the venture capital landscape, offering flexible investments for investors and founders. The company invests two to eight million euros in ambitious growth companies across various sectors and is supported by a committed and rapidly expanding network of investors, entrepreneurs, and industry experts.